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AUD Underperforms Overnight, Watch For Aussie Survey Data Today

AUD

MNI (Australia) - The AUD underperformed the rest of the G10, except Japan, against the USD as metal prices fell. The DXY rose 0.2% over yesterday as UST yields increased ahead of the CPI and Fed. AUDUSD has started the day around 0.6750 after reaching a high on Monday of 0.6805.

  • AUDNZD continued its downtrend and is now at 1.0572. After range trading through the day AUDJPY rose to 92.96 overnight. AUD lost 0.7% against the EUR and GBP to be about 0.6407 and 0.5501 respectively.
  • Despite the drop in AUD yesterday, the trend condition for AUDUSD remains bullish. It has been trading above the key support of 0.6635, the 50-day EMA. If it broke this support then the trend would turn bearish.
  • Equity markets were mixed overnight with the S&P 500 closing up 1.2% but the Eurostoxx down 0.5%. Oil prices were higher on the closure of the Keystone pipeline which connects oil fields in Canada to US refiners. WTI rose 3.5% and is now around $73.50/bbl. Copper prices were down 1.8% as the USD rose and also on the possibility that rising Covid cases in China could disrupt activity. Iron ore also eased to $108.70.
  • This morning there is CBA household spending intentions for November, December Westpac consumer confidence and NAB business conditions/confidence for November. Tonight US CPI for November prints.
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